TonyK
CibbuanoPort receives funding
May 20th 2009 04:08
PORT ADELAIDE is well on its way to eradicating its debt of $5.1 million after the SANFL offered an immediate $2.5 million cash injection.
The fundng comes on top of the $1 million invested in December and a new AAMI Stadium deal involving Port and Adelaide which is expected to be finalised within three months.
SANFL Executive Commissioner Leigh Whicker said the Power had his organisation's full support.
"I think today signifies a giant step forward in the financial recovery of the Port Adelaide Football Club," Whicker said.
"We are not going to dwell on one year of (financial) disappointment. We are here today to look to the future. We are excited about that – it's about South Australian football and Port Adelaide is a very key component of that football industry in this state."
"There was no way the SANFL was going to let Port Adelaide go through these difficult times without assistance."
Port Adelaide president Brett Duncanson said the funds would be used to reduce debt and to 'begin strategically investing for growth'.
“This investment by the SANFL back into our business certainly eases the pressure on the club and importantly will allow us – when coupled with support from the AFL – to focus on delivering long-term growth,” Duncanson said.
Whicker said a working group was negotiating a stadium deal which would take into consideration issues such as signage, corporate facilities and the 'whole business' model at AAMI Stadium.
"We need to review it, the market is changing, we need to respond to that and we are certainly going to do that," he said.
Whicker also said the new deal would not hurt supporters.
"We want to keep the stadium affordable to all South Australians as it is at the moment and that's one of the advantages of owning your own home," he said.
"Prices will only go up in accordance with AFL increases."
Meanwhile Duncanson said improved crowds at the club's home matches and the efforts to cut costs with the SANFL were also yielding good results.
"We are pleased that our crowds are up 15 percent on last year when comparing like games," Duncanson said.
"If that trend continues, then combined with the efforts to cut costs it will substantially reduce our projected full-year stadium net loss under the current arrangement from the original budget estimate of $777,000 to somewhere closer to $400,000."
The fundng comes on top of the $1 million invested in December and a new AAMI Stadium deal involving Port and Adelaide which is expected to be finalised within three months.
SANFL Executive Commissioner Leigh Whicker said the Power had his organisation's full support.
"I think today signifies a giant step forward in the financial recovery of the Port Adelaide Football Club," Whicker said.
"We are not going to dwell on one year of (financial) disappointment. We are here today to look to the future. We are excited about that – it's about South Australian football and Port Adelaide is a very key component of that football industry in this state."
"There was no way the SANFL was going to let Port Adelaide go through these difficult times without assistance."
Port Adelaide president Brett Duncanson said the funds would be used to reduce debt and to 'begin strategically investing for growth'.
“This investment by the SANFL back into our business certainly eases the pressure on the club and importantly will allow us – when coupled with support from the AFL – to focus on delivering long-term growth,” Duncanson said.
Whicker said a working group was negotiating a stadium deal which would take into consideration issues such as signage, corporate facilities and the 'whole business' model at AAMI Stadium.
"We need to review it, the market is changing, we need to respond to that and we are certainly going to do that," he said.
Whicker also said the new deal would not hurt supporters.
"We want to keep the stadium affordable to all South Australians as it is at the moment and that's one of the advantages of owning your own home," he said.
"Prices will only go up in accordance with AFL increases."
Meanwhile Duncanson said improved crowds at the club's home matches and the efforts to cut costs with the SANFL were also yielding good results.
"We are pleased that our crowds are up 15 percent on last year when comparing like games," Duncanson said.
"If that trend continues, then combined with the efforts to cut costs it will substantially reduce our projected full-year stadium net loss under the current arrangement from the original budget estimate of $777,000 to somewhere closer to $400,000."
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